USDA March S&D Report Recap
Friday, March 8, 2013, 11:16 amSubmitted by: Dustin Weiner
The report came out, initial glance looks a little friendly to corn and negative to soybeans. The USDA did NOTHING to ending stocks projections, leaving them the same as last month. They left the corn carryout the same – when the market was expecting a slight increase. They left the soybean carryout the same – when the market was expecting a slight decrease.
Corn:
To get to their number they decreased corn exports (from 900mb down to 825mb) and increased feed/residual usage and imports to offset it exactly. This leaves the carryout at 632mb. Exports are now projected to be 1 billion bushels less than two years ago.
Soybeans:
They changed NOTHING. Yep. Nothing. No change to either export or domestic demand projections. With the additional business from China this past month (thanks to SA shipping delays), this is a surprise. The U.S. is well ahead of this projected pace on soybean exports – this report would indicate that exports will need to come to a grinding halt this Spring/Summer sooner than planned.
Currently
Corn is trading around a nickel higher
Soybeans are down 10 to 15 cents
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